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Create a Business (focus on Supply and Demand)

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Create a Business (focus on Supply and Demand)

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Here is a great project structure that students can use when producing their own product. Students would have to take into consideration the demand of a specific material/product.They then would need to explain what the demand is, discuss how that would affect the supply of the product. Lastly, they could create a budget using the budget add-on sheet to be sure they have the finances to continue with production for a long term period.

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Differentiated Student Proposed Business Plan - Covers Supply and Demand

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This awesome project allows students to collaborate as a business team and identify a need in their community. Students will write a business plan that forces the students to think about profits, supply, demand, consumers, markets, advertising and more!

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This worksheet can be used when students are completing the Supply Demand project. This sheet can be used to have students create a budget for their product. This budget will teach the students the importance in dividing your money up as and entrepreneur.

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This activity is a great way to get students minds thinking about how they can apply their knowledge regarding Supply and Demand within an economy. This site gives teachers a great model of what to script students with when thinking about their own personal product they may want to produce. Teachers could use this as an introduction to the final project.

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Basic Economics: Supply and Demand

Part 2: Comparisons on Price

So we have supply, which is how much of something you have, and demand, which is how much of something people want. Put the two together, and you have supply and demand.

Now, how do you show the relationship between the two? One way is to use the price of something. Generally speaking, the price of something will go up if the demand goes up. Why? Because the seller thinks he or she can get more money for whatever he or she is selling.

more people want something, they will be willing to pay more for it. A good example is the newest basketball shoes. Everybody wants them, and they will be willing to pay more than they normally would to get them. The If demand goes up. Why? Because more people want them. The price also goes up. Why? Because the seller knows he or she can get more money for the product because it is in demand.

In the same way, the price will go down when the demand goes down. When the new style of basketball shoes comes out, everyone wants the new shoes. The old shoes don't seem so new anymore. The seller still wants to sell those older shoes, since he or she has a lot still in stock. So, the price goes down. Why? The seller hopes that people will be willing to buy the older shoes at a lower price. After all, the older shoes aren't that much older or worse than the brand new shoes.

What does all this mean? It means that you can track supply and demand by also tracking price. If something has a high price, you can usually conclude that the demand for that item is low. (This is not always the case; it is usually the case.) In the same way, if something has a low price, you can usually conclude that the demand for that item is high.

Why? First of all, a seller has already paid money for what he is trying to sell. A bookseller has paid $4 for each paperback book he has on his shelves. He has bought 1,000 books and paid $4,000. He is selling those same books for $5 each. He hopes to sell all of them at $5 each and get a total of $5,000.

what if the But demand is low and no one wants to buy them? The seller wants to make some of his money back, so he might lower the price. He is already out the $4,000. He can't change that. But he can change how money he is bringing in. If he lowers the price of the books to $4 each, he breaks even on each book but still takes in some of the money he had spent to buy the books in the first place. And this bookseller would have had to lower the price of the books because the demand was low.

The reverse can also be true. If the bookseller decides that he wants to get as much money as he can back, then he might raise the price of the books to $6 each, figuring that he will sell fewer books overall but will get more money for each book he sells.

Why would the bookseller do all of this? He would have paid money for those books in the first place, and he wants to decrease his supply of those books for two reasons: so he can get his money back and so he can stock more books. In the same way, the bookseller could try to decrease his supply of a certain book by lowering the price, thereby creating more demand.

What does it all mean? Supply and Demand are two very strong market concepts. Studying the two of them can give you a good idea of what people like to buy and sell. And you can track both supply and demand by comparing the price of an item over time.

To study Supply and Demand is to understand economics at its most basic.

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Supply and Demand: Basic Economics Part 2

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Basic Economics: Supply and Demand Part 2: Comparisons on Price So we have supply, which is how much of something you have, and demand, which is how much of something people want. Put the two together, and you have supply and demand. Now, how do you show the relationship between the two?

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This is a book that will present scenarios to students that happen within reality. This is a great conversation started for whole group conversation about how to react and handle decisions regarding money. This could be used by teachers to present group discussion via whole group or small group.

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Let's Chat About Economics!: basic principles through everyday scenarios

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Children are economists, it s time to chat about it! Economics is the study of choices people make to be happy. Kids do this each day when they decide which shirt to wear, which TV show to watch or what to eat for lunch. In making these choices, they are using the economic principles of scarcity,...

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This is a fun book for students to read that explains the process of supply and demand. In this book, Homer realizes what affects raising and lowering the price has on his donuts. This book would gives students the opportunity to connect to a serious topic in a funny way.

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Homer Price by Robert McCloskey | Scholastic

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Homer Price never has a dull day! Whether he's befriending a skunk, or trying to tame an automatic doughnut maker, Homer finds adventure everywhere he goes.

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This website is a great tool for teachers to use to freshen up on their content knowledge regarding what a Market Economy is. Here teachers can use definitions for students learning, or they can borrow examples that are given to explain specific keys terms that are related to this topic. Teachers could also use these explanations as answers to essay questions on a test about what the key terms many or how they affect an economy.

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A market economy is a type of economic system where supply and demand regulate the economy, rather than government intervention. A true free market economy is an economy in which all resources are owned by individuals. The decisions about the allocation of those resources are made by individuals without government intervention.

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In this video, students are presented with the concepts Supply and Demand. They are given an example that is easy for them to connect to on a personal level. This video has good graphic organizers that show the increases and decreases that take place within the process of economics.

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Do you demand a movie on economics? Okay, then. We’ll supply you with one. Tim and Moby have no shortage of information on money matters!

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This is a video that breaks down what economics is in detail. In this video students will be presented with what Economics actually consist of and what it is. Supply and Demand is two of the main focuses within this video that are expressed to be importance roles of economics.

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kid supply and demand videos - Bing video

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Supply and Demand Video Game Supply and Demand Animation Supply and Demand Cartoon Supply and Demand Schoolhouse Rock Supply and Demand YouTube Supply and Demand Song Supply and Demand of Soda Supply and Demand Lesson Plans Supply and Demand Videos for Middle School Supply and Demand Video for a Caveman Supply and Demand Word Problems

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This article shows what happens following a economy crash. In this article, students will read about the positive kick backs that take place when the economy is on the rise. Students also read about why people move from place to place based on the economic status that our county is in.

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Newsela | Instructional Content Platform

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Newsela is an Instructional Content Platform that supercharges reading engagement and learning in every subject.

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This video is a real world example of how the drop in the economy has an impact on peoples lives. This video goes into detail about the "Great Recession" which most young students have no knowledge on. Here students will see the severity of negativity that comes along with economic problems.

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